Beltone Ventures, an Egyptian venture capital firm focused , has announced a strategic investment in LNKO, a Moroccan direct-to-consumer (D2C) eyewear company. The move highlights growing investor interest in the African eyewear market, following a recent successful exit by another VC firm.
LNKO, founded in 2020 by Maha Bennani, has quickly established itself in Morocco, offering a range of stylish sunglasses and optical frames through its online platform and physical points of sale. The company claims to have served over 100,000 customers and has a presence in 24 countries. LNKO previously raised $335,000 from CDG Invest in 2021.
“This investment in LNKO represents a pivotal step in our strategy to expand in Africa,” said Ali Mokhtar, CEO of Beltone Venture Capital. “Through this partnership, we are supporting an innovative company with tremendous growth potential. Its unique approach to eyewear and commitment to empowering the community align perfectly with our vision to support pioneering and transformative companies across the region.”
Ms. Bennani said the partnership with Beltone would accelerate LNKO’s vision of “making fashionable, high-quality eyewear accessible to a wider range of customers across the continent.” The company plans to use the new funding to expand its operations across the Middle East and North Africa (MENA) region, with a particular focus on the UAE, and to progress to the next stage of the 212 Founders programme, a Moroccan initiative that supports and funds startups.
The African eyewear market is attracting increasing attention from investors. Last week, Saviu Ventures, a venture capital firm focused on Francophone Africa, announced the sale of its stake in Lapaire, a pan-African eyewear company, to Creadev, a global investment firm backed by the family behind retail giants Auchan and Decathlon. Saviu reported a significant return on its initial investment in Lapaire, which it made in 2018. Saviu played a role in Lapaire’s expansion from Kenya into Francophone West Africa, now its primary revenue driver.
While the specific details of Beltone’s investment in LNKO were not disclosed, the move signals confidence in the company’s potential and the broader growth prospects of the African eyewear sector. The success of Lapaire’s recent acquisition suggests that investors are seeing opportunities in companies that can effectively navigate the challenges of the African market and offer accessible and stylish eyewear to a growing customer base.